The chairman of the Republican Party on Monday called President Barack Obama's plan to overhaul health care "socialism," accusing the president of conducting a risky experiment that will hurt the economy and force millions to drop their current coverage.

Michael Steele, in remarks at the National Press Club, also said the president, House Speaker Nancy Pelosi and key congressional committee chairmen are part of a "cabal" that wants to implement government-run health care.

"Obama-Pelosi want to start building a colossal, closed health care system where Washington decides. Republicans want and support an open health care system where patients and doctors make the decisions," Steele said.

Obama has repeatedly said he does not favor a government-run health care system. Legislation taking shape in the House envisions private insurance companies selling coverage in competition with the government.